Real Estate Professional Terms

The American Land Title Association is the national trade association and voice of the
title insurance industry. ALTA members are very informed of the TRID roll out. Additional
information is available at:
The Closing Disclosure form will replace the HUD Settlement.

The Consumer Financial Protection Bureau (CFPB) is an independent agency of the
United States government responsible for consumer protection in the financial sector. Its
jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing
operations, foreclosure relief services, debt collectors, other financial companies operating in the
United States. The CFPB's creation was authorized by the Dodd–Frank Wall Street Reform and
Consumer Protection Act, whose passage in 2010 was a legislative response to the financial
crisis of 2007–08 and the subsequent Great Recession.

A cryptographic method of authenticating the identity of the sender
of a message or the signer of a document that can also be used to ensure that the original content
of the message or document has not been changed. Digital signatures are easily transportable,
cannot be imitated by someone else and can be automatically time stamped. The ability to
ensure that the original signed message was received means that the sender cannot easily
repudiate it later. The CFPB is suggesting that at some point all lenders utilize cryptographic

Document Type Definition is a file that defines the markup language that will be used to
describe the data. It defines and names the elements that can be used in the document, the order
in which the elements can appear, the element attributes that can be used and other document
Electronic Mortgage Closing Interface Transactions is a term used with various
software providers that defines the standard transaction set for closing, the closing package
generation within the mortgage process.

Electronic Mortgage, a mortgage where the critical loan documentation,
specifically the promissory note, assignments and security instrument (the Mortgage) are
executed, transferred and stored electronically, a/k/a the paperless Mortgage. The CFPB has
voiced their recommendation that at some point all lenders utilize eMortgage practices.
eNote: Electronic Note, a transferable record as defined by ESIGN or UETA.
eSignature: Electronic Signature (see Digital Signature)

Intellectual Property Rights is a legal term that refers to creations of the mind.
Examples include: music, literature, discoveries, words, phrases, symbols and designs. Under
intellectual property laws, owners of intellectual property are granted certain exclusive rights,
such as copyrights, patents and industrial design rights. IPR has become the backbone of
software development.

The Loan Estimate the new document which takes the place of the Good Faith Estimate
and Early TILA (Truth In Lending Act) disclosure forms.
LOS: Loan Origination Systems or software platforms that will support the new LE & CD
forms to implement the TRID rule.

Mortgage Electronic Registration System was created by the mortgage banking
industry to streamline the mortgage process by using electronic commerce to eliminate paper.
Their mission is to register every mortgage loan in the United States on the MERS® System.
MERS® acts as nominee in the county land records for the lender and servicer. Any loan
registered on the MERS® System is inoculated against future assignments because MERS®
remains the nominal mortgagee no matter how many times servicing is traded. It is
fundamentally a national registry that identifies who has control of an electronic note.

National Notary Association established in 1957 is a leading authority on the American
Notary office and is dedicated to educating, serving and advocating for Notaries throughout the
United States. NNA’s professional programs, services, model legislation, and technology
initiatives help Notaries advance their careers and practice their profession with high ethical
standards and professionalism. NNA not only educates Notaries on their critical duties, but
assists state officials in setting rules for Notaries and provide expert testimony. NNA provides
information to the public about the Notary’s role and is a pioneer leader in the field of electronic
notarization, with its introduction of the National eNotary Registry and the Electronic Notary
Seal™. Additional information is available at:
The Property Records Industry Association is a not-for-profit corporation. The
Association represents a unique partnership of business and government members of the property
records industry, with the end goal of facilitating recordation and access to public property
records. This goal is accomplished by facilitating the research, development, creation and
implementation of national standards, systems and procedures for the industry. Additional
information can be found at:

Public Key Infrastructure is a system that provides the basis for establishing and
maintaining a trustworthy networking environment through the generation and distribution of
keys and certificates. This is also the foundation technology for providing enhanced Internet

Real Estate Property Information Workgroup maintains the business data definitions
and resulting electronic formats used to report and value real estate property information. REPI
may incorporate the business information found in real estate appraisals, Broker Price Opinions
(BPO), multiple listing services (MLS), inspections and public records that can be used to
transfer information among real estate industry participants.

Standards and Procedures for Electronic Records and Signatures is a cross
industry initiative to establish commonly understood rules of the road available to all parties
seeking to take advantage of the powers conferred by ESIGN and UETA. SPeRS is a set of
guidelines procedures, checklists and strategies for developing systems to create, deliver, sign,
manage and transfer legally enforceable electronic records and signatures in commercial and
consumer transactions. SPeRS is intended to help companies develop cross-discipline system
design teams for implementing electronic commerce. It is focused on the behavioral aspects of
the interactions between participants in the transaction. SPeRS is technology neutral.

The TILA-RESPA Integrated Disclosure rule was issued in November 2013, 1,888
page rule that will implement new Mortgage forms, transforming the mortgage transaction
process from what we know today.

Uniform Closing Data Set. Terminology used by loan software providers to support
regulatory requirements of the new forms.

Uniform Electronic Transaction Act. The act which purpose is to bring into line the
differing State laws over such areas as retention of paper records (checks in particular), the
validity of electronic signatures, thereby supporting the validity of electronic contracts as a
viable medium of agreement.

The Wisconsin Land Title Association is the state trade association and the voice of
the local title industry. WLTA provides many educational opportunities for their members. The
association voices state news and concerns with the Wisconsin Register of Deeds, Wisconsin
Commissioner of Insurance, Wisconsin Land Surveyors and the Wisconsin Banking Association.
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We have endorsed and adhere to the "Title Insurance and Settlement Company Best Practices Policies".